Searching for an investment plan that outshines Fixed Deposits when it comes to interest rates? The Post Office boasts an amazing scheme that not only offers a superior profit margin but also comes with zero risk. With this Post Office scheme, you stand to gain more interest than what a 5-year FD can yield.
Let's delve into the details of the National Saving Certificate (NSC) scheme, a saving certificate like FD that secures your investment for 5 years. Currently, the NSC scheme is offering a lucrative 7.7% interest rate. Discover how you can take advantage of this offer and what makes it unique.
Where to Find the Best Tax Saving FD Interest
Before diving into the NSC, let's look at where you can get the highest interest on Tax Saving FDs. Post Office FDs are at 7.5%, State Bank FDs at 6.5%, Punjab National Bank FDs and Bank of India FDs at 6.5%, HDFC Bank FDs at 7%, and ICICI Bank FDs at 7%.
Investment Scope in National Saving Certificate
If you're interested in the NSC, you can start with a minimum investment of ₹1000 and increase in multiples of ₹100 with no upper limit. The scheme matures in 5 years, compounding interest annually and assuring guaranteed returns. You can even open an account in a child's name under this scheme.
Benefit from Tax Deductions
Children over the age of 10 can purchase an NSC in their own name. Additionally, joint investments are allowed. Any resident of India can participate in this scheme. Simply head to your nearest Post Office branch to invest. Under Section 80C of the Income Tax Act, you can invest up to ₹1.5 lakh annually.
